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Purpose - The aim of this paper is to express a point of view concerning recent recommendations to reduce or eliminate the authority of state securities regulators. Design/methodology/approach - The paper cites three recent reports by the Committee on Capital Markets Regulation, McKinsey & Co,, and the US Chamber of Commerce and makes a case for a continued, strong role of state securities regulators, working alongside federal and SRO regulators. Findings - The study contends that the cited reports reach the wrong conclusions concerning US capital markets competitiveness and the need to weaken the securities regulatory framework Originality/value - The paper expresses a state securities regulator's point of view and provides the reader with web site references for three important recent reports in US capital markets competitiveness. [ABSTRACT FROM AUTHOR]